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Bahrain’s Al Baraka Banking plans to sell perpetual sukuk; price talk in 8%-8¼% area
By Colin Hanner
Chicago, May 23 – Al Baraka Banking Group BSC is offering an additional tier 1 perpetual sukuk in the 8% to 8¼% area, a market source said.
As of 8 a.m. ET, the book for the deal was at $1.25 billion, the market source said. The size of the deal is expected in the $300 million to $500 million range.
The sukuk is non-callable for five years.
Proceeds from the issue will be used to inject capital into its subsidiaries via tier 2 instruments, a market source said, referring to an issuer presentation.
Al Baraka Bank is an international Islamic bank based in Bahrain.
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